U.S. Banks Are Terrified of Chinese Payment Apps Says Bloomberg

The top 1%, who is more control hungry than interested in wealth, looks forward to a mega crash with the full collapse of values of everything we can think of, and 90% of the world impoverished living on a terraformed planet under the supervision of AI and its 5G tentacles. Unless the unthinkable happens such a story line could become the next real Hollywood blockbuster.

For now profits are still coming in, but for how long? At the best we have more or less 5 years before completely hitting the brick wall in full force.

As we can see, automation and more powerful computers are going to end the job market as we know it. Many fields are going to be impacted, because more knowledge goes against the pursuit of profit as it ever cheapens the means of production. Hence the waves of joblessness on the horizon. Without even considering AI, machines already can do way more than humans, and also better. A giant loss of revenues in the long run awaits corporations and the banks around the corner.

Top bankers are aware of it. The cheapening of Life after so much pillaging is really the pendulum swinging back. What goes up, must go down. And now the trend is bringing us back to a “zero-sum game”. At first there was a corporate rally to generate lots of profits by hiring cheap workforce, and now there is a rally to get rid of the workers.

The emergency to address our massive pollution is too a huge factor hanging in the equation. This is a double whammy as the economic jargon would describe it, that is coming our way. Of course there always is the prospect of another world war to deter the attention from the ongoing economic insanity (among other things). Neither should we expect precious metals to save the day because there is a huge crypto-market opposing them.

A money-free society is the only way out. Really.

No matter how we look at the picture, the future of monetarism looks pretty bleak as all currencies will become digital and handle the flow of basic incomes issued by whatever financial monopoly. Rich people will most likely rely on their own private apps and hedge funds so that they can continue to move wealth between themselves.

If mobile payment apps became as popular in the U.S. as they are in China, banks would lose a projected $43 billion in revenue annually. Bloomberg QuickTake explains how cheap and easy payments by phone are threatening one of the banking industry’s most profitable businesses. (Source: Bloomberg)

 

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